Brexit & Beyond: Europe in Flux is The Wall Street Journal’s round-up of news and analysis of how Brexit will affect global business, economies and finance. You can sign up here.

By Stephen Fidler

British Prime Minister Theresa May’s speech on Friday was, among other things, a concession that some of the freedom Brexit will give the U.K. to “take back control” is hypothetical: The U.K. will in some areas be a rule-taker from Brussels and will continue to be influenced by rulings of the European Court of Justice.

She also admitted there would be a cost to Brexit, in terms of reduced access to the EU markets. She listed some areas where the U.K. could decide to follow EU rules – for example in state-aid and competition policy. She said the U.K. would make commitments to EU rules in some areas to ease trade, and said she favored associate membership of some EU regulatory agencies, notably in chemicals, medicines and aviation.

In other areas, she called for a regime of mutual recognition of different regulatory systems, admitting that British financial firms will lose access to the EU market via the current passporting regime. On avoiding a border on the island of Ireland, she put forward no new ideas, repeating instead past suggestions that have been widely questioned.

U.K.’s May Provides More Details on Brexit Proposals: British Prime Minister Theresa May outlined in the the greatest detail yet her proposals for Britain’s future trading relationship with the European Union on Friday, seeking to move Brexit negotiations forward without inflaming tensions within her divided cabinet and party.

EU Balks at Britain’s Vision of Frictionless Trade: British Prime Minister Theresa May wants what the European Union has repeatedly said is impossible: frictionless trade with the bloc and the freedom for Britain to diverge from the EU rule book, writes Laurence Norman.

U.S. Allies Bristle at Trump Tariff Plan: President Trump’s planned tariffs on steel and aluminum prompted angry responses from U.S. allies, generating warnings of a possible international trade war. The European Union “will react swiftly, firmly and proportionally,” said Alexander Winterstein, a spokesman for the European Commission.

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